A $200,000 loan is to be repaid in equal yearly payments over 27 years at an interest rate of 3.5% compounded annually.

Question 3 Part B: How much of the 8th payment is applied to the interest?

A $200,000 loan is to be repaid in equal yearly payments over 27 years at an interest rate of 3.5% compounded annually.

Question 3 Part B: How much of the 8th payment is applied to the interest?

Question 3 Part D: To pay off the loan in its entirety at the end of the 16th year, how much must be paid? Enter your answer in the form: 12345.67